VinSpeed, founded by Vietnam’s richest man Pham Nhat Vuong, proposes $61B high-speed rail project

The project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development.

As part of its investment framework, VinSpeed – a company part of the ecosystem of Vietnam's biggest private company Vingroup – commits to mobilizing 20% of the total capital, equivalent to $12.27 billion. For the remaining 80%, excluding costs related to compensation, relocation support, and resettlement for land clearance, the company proposed borrowing from the state budget, through zero-interest loans, repayable over a 35-year period from the disbursement date.

With a charter capital of VND6 trillion (US$231 million), VinSpeed has pledged to begin construction before December 2025, accelerating the project timeline to bring the entire railway into operation by December 2030.

The firm is currently in talks with leading partners from China, Germany, and Japan to facilitate technology transfer and the domestic production of locomotives, carriages, and signaling systems. In parallel, VinSpeed plans to implement rapid workforce training to localize technical capabilities and foster Vietnam’s self-reliance in railway development.

To support revenue generation and partially repay public investment, VinSpeed will partner with Vingroup and Vinhomes to develop comprehensive urban areas near key railway stations, based on the Transit-Oriented Development model.

Duong Thu Van, a representative of VinSpeed, affirmed the company’s unwavering dedication to the project, highlighting a focus on innovation, determined action, and close cooperation with domestic enterprises to build both the railway system and a sustainable high-speed rail industry in Vietnam.